Mansfield Company Has a Periodic Inventory System and Uses the LIFO

question 134

Multiple Choice

Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information: What amounts would be reported as the cost of goods sold and ending inventory balances for the period?

• A)Cost of goods sold $625;Ending inventory $175
• B)Cost of goods sold $755;Ending inventory $225
• C)Cost of goods sold $550;Ending inventory $250
• D)Cost of goods sold $600;Ending inventory $200

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Definitions:

Elbow

The elbow is a joint connecting the forearm to the upper arm, allowing for the bending and straightening of the arm.

Styloid Process

The styloid process is a slender, pointed projection of bone that extends from the temporal bone of the skull, where it serves as a point of attachment for muscles associated with the tongue and throat.

Radius

One of the two main bones of the forearm, situated on the lateral side (thumb side) of the arm and plays a crucial role in wrist movement.

Ulna

A long bone in the forearm that runs from the elbow to the smallest finger, forming the elbow joint with the humerus.